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Navig8 Chemical Tankers inks sale and leaseback deal for MRs

Navig8 Chemical Tankers inks sale and leaseback deal for MRs
Navig8 Chemical Tankers Inc. has entered into sale and leaseback agreements with China’s Bank of Communications Financial Leasing (BCFL) for four new 49,000 dwt MR tankers.

The sale and leaseback agreements stipulate that BCFL will provide funding for pre-delivery and delivery installments for the newbuildings.

The MR tankers are being built at STX Offshore & Shipbuilding in South Korea, and delivery dates range from end-March 2017 to end-June 2017.

Navig8 Chemical Tankers has entered into 10-year bareboat charters for the STX vessels, starting from their respective deliveries.

Navig8 Chemical Tankers has purchase options to re-acquire the tankers during the charter period, with the first such option exercisable on the fourth anniversary of each vessel delivery.

Navig8 Chemical Tankers, established in 2013 as a joint venture between Navig8 Group and Oaktree Capital Management, has taken delivery of 20 chemical carriers to date and anticipates delivery of its full 37-vessel fleet by mid-2017.

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